MyRA
MyRA is a special type of savings account that the government created to help people save money for their retirement. Think of it like a piggy bank, but instead of keeping coins and bills in it, you put your money into the MyRA account.
The good thing about MyRA is that you don't need much money to start saving for your retirement. You can open an account with just $25, and you can add small amounts of money whenever you can, like when you get paid for doing chores or a part-time job.
The MyRA account is safe because the government guarantees that your money won't be lost, even if the stock market goes down. This means your savings will always be there for you when you retire.
When you put your money into a MyRA account, it goes into something called a "bond." A bond is like an IOU or a promise. It means that the government will pay you back with interest for the money you put in. Interest is like a reward, and it means that you get extra money on top of what you saved.
So, the longer you save in a MyRA account, the more money you earn from interest. This will help you to have more money when you retire so that you can enjoy your golden years without worrying about money.
The good thing about MyRA is that you don't need much money to start saving for your retirement. You can open an account with just $25, and you can add small amounts of money whenever you can, like when you get paid for doing chores or a part-time job.
The MyRA account is safe because the government guarantees that your money won't be lost, even if the stock market goes down. This means your savings will always be there for you when you retire.
When you put your money into a MyRA account, it goes into something called a "bond." A bond is like an IOU or a promise. It means that the government will pay you back with interest for the money you put in. Interest is like a reward, and it means that you get extra money on top of what you saved.
So, the longer you save in a MyRA account, the more money you earn from interest. This will help you to have more money when you retire so that you can enjoy your golden years without worrying about money.